Pick 'n Pay profit flat, outlook tough

South African grocery chain Pick 'n Pay reported flat full-year profit and said it expected more difficulty ahead, underscoring the grim outlook for demand in Africa's biggest economy.

Shares of the company fell nearly 2 percent after the results  yesterday, becoming the biggest percentage loser on Johannesburg's Top-40 index. South Africa last year exited its first recession in nearly two decades, but household finances remain under pressure and retail sales have been worse than economists expected.

Pick 'n Pay rival Shoprite said in February it saw little likely improvement in market conditions this year as consumers battle job losses and high levels of debt.

Editor's Comment
Justice delayed is trust denied

Batswana who marched peacefully for 'Justice for Tshepi' demanded answers. They have now received a detailed account of police investigation and a promise that the file is with the Directorate of Public Prosecutions (DPP). The real test is whether the state now keeps its word without further prodding. In his address, the minister asked the nation to trust the process. He spoke of rigour, not neglect, and pointed to 10 months of...

Have a Story? Send Us a tip
arrow up